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What is a Coverdell Education Savings Account?

April 26, 2017Coverdell Education savings account

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What is a Coverdell Education Savings Account?

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A Coverdell Education Savings Account allows you to save up to $2,000 per child, per year until the child turns 18 for elementary, secondary-education, and higher-education expenses, subject to eligibility requirements. While contributions are not tax-deductible, earnings grow tax-deferred, and qualified distributions are tax-free.

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Formerly known as an Education IRA, a Coverdell Education Savings Account lets you make an annual non-tax-deductible contribution of up to $2,000 a year per child and take advantage of tax-deferred growth and federal tax-exempt withdrawals to pay for qualifying educational expenses.

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Formerly known as an Education IRA, a Coverdell Education Savings Account lets you make an annual non-tax-deductible contribution of up to $2,000 a year per child and take advantage of tax-deferred growth and federal tax-exempt withdrawals to pay for qualifying educational expenses1.